BANKNIFTY PREDICTION 27-12-2024
As of December 26, 2024, the Nifty Bank Index (Bank Nifty) closed at 51,170.70, marking a decline of 62.30 points (0.12%) from the previous close.
Technical Analysis:
Short-Term Outlook: Bank Nifty is trading within a descending channel, finding support near the 50,900–51,000 range. A move above 51,400 could signal positive momentum, with 51,700 as a key level for further strength. Conversely, a drop below 51,100 may indicate intraday weakness.
Long-Term Outlook: The index needs to sustain above 51,600 to confirm continued upward movement. Falling below 50,950 could introduce additional weakness, especially if foreign institutional investors (FIIs) continue their selling trend.
Support and Resistance Levels:
Support: 50,900–51,000
Resistance: 51,400; 51,700; 51,600
Recent Market Activity:
FIIs: Net sellers, offloading approximately ₹2,454.21 crore on December 24, 2024.
Domestic Institutional Investors (DIIs): Net buyers, purchasing around ₹2,819.25 crore on the same day.
Global markets have shown mixed signals, with the U.S. NASDAQ rising by 1.35% and the Dow Jones declining by 0.18% on December 25 and 26, respectively. These movements may impact Indian markets, including Bank Nifty.
Conclusion:
Bank Nifty is currently navigating a descending channel, with critical support and resistance levels influencing its trajectory. Monitoring these technical levels, along with institutional investment patterns and global market trends, is essential for anticipating future movements.
Technical Analysis:
Short-Term Outlook: Bank Nifty is trading within a descending channel, finding support near the 50,900–51,000 range. A move above 51,400 could signal positive momentum, with 51,700 as a key level for further strength. Conversely, a drop below 51,100 may indicate intraday weakness.
Long-Term Outlook: The index needs to sustain above 51,600 to confirm continued upward movement. Falling below 50,950 could introduce additional weakness, especially if foreign institutional investors (FIIs) continue their selling trend.
Support and Resistance Levels:
Support: 50,900–51,000
Resistance: 51,400; 51,700; 51,600
Recent Market Activity:
FIIs: Net sellers, offloading approximately ₹2,454.21 crore on December 24, 2024.
Domestic Institutional Investors (DIIs): Net buyers, purchasing around ₹2,819.25 crore on the same day.
Global markets have shown mixed signals, with the U.S. NASDAQ rising by 1.35% and the Dow Jones declining by 0.18% on December 25 and 26, respectively. These movements may impact Indian markets, including Bank Nifty.
Conclusion:
Bank Nifty is currently navigating a descending channel, with critical support and resistance levels influencing its trajectory. Monitoring these technical levels, along with institutional investment patterns and global market trends, is essential for anticipating future movements.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.